Monitoring Agency report for the quarter ended March 31, 2026
STYL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings Limited, the Monitoring Agency, has submitted its Q4 FY2026 (March quarter 2026) report on the utilization of Rs 6,000 million in IPO and Pre-IPO proceeds raised by Seshaasai Technologies Limited. The IPO raised Rs 4,800.03 million (Sep 2025) and Pre-IPO raised Rs 1,199.97 million (Aug 2025). Of the total Rs 6,000 million, Rs 4,055.20 million (67.6%) has been deployed, with Rs 1,944.80 million remaining in liquid instruments (bank balances, fixed deposits). Capital expenditure deployment lags the prospectus schedule: the company planned to deploy Rs 1,064.44 million by FY2026 but has deployed only Rs 762.17 million, citing evolving geopolitical/macroeconomic conditions, moderation in industry demand, and phased execution timelines. No deviations from stated objects or material concerns were flagged by the Monitoring Agency.
Shareholders should note that while all proceeds are accounted for and deployed as per the offer document, the capital expansion is running behind schedule. The Rs 1,944.80 million in unutilized proceeds sits in FDs and bank accounts earning modest interest, with deployment expected to continue in FY2027. The company attributes the delay to prudent, staggered capital deployment aligned with market conditions rather than any fundamental operational problem.